Credit unions launch 'Work Not Worry' campaign

Credit unions launch 'Work Not Worry' campaign

By agency reporter

July 9, 2018

'Work Not Worry' campaign will encourage employers to set up a partnership with their local credit union.

The Association of British Credit Unions Ltd. (ABCUL) is launching a social media campaign Work Not Worry, to raise awareness of the benefits of partnerships with credit unions among employers, and to encourage more employers to establish new relationships with their local credit union. Credit unions offer savings and affordable credit facilities with payments deducted from pay.

Twenty six per cent of working age adults in the UK have no savings, and one in four workers have lost sleep over money worries.

For over 30 years, employers have used the services of credit unions in their workplace. These include household brands and institutions such as Admiral Insurance, Royal Mail, British Airways and the NHS.

Matt Bland, Head of Policy and Communications at ABCUL, said: “In our conversations with employers, it is clear that many are not aware of the financial difficulties facing their staff. Those that do have sadly seen it become a serious issue in the workplace before they had chance to respond. We regularly hear horror stories of people falling into a downward cycle of repeated and escalating payday loans – robbing Peter to pay Paul.

“Credit unions have a proved track record of turning borrowers into savers. Research such as the Save As You Borrow report proves that credit unions are playing a vital role in helping their members become financially responsible. The report shows that credit unions turn 71 per cent of borrowers into savers and that 96 per cent of employees that are encouraged to use payroll deduction through the credit union have found it helpful.

“All employers have to do once a partnership is set up is spend a couple of minutes making the deductions each pay day – one file transfer, one payment. All employees have to do is agree to a deduction of their choice per month – and it comes directly from their salary, making life easy for everyone”

The Work Not Worry campaign will run for four weeks from 9 July - 3 August 2018.

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